Wed, Feb 8, 2012 12:34 PM
Vermont Strong or forever powerless through CVPS-GMP
Is the disappearance of CVPS, the sole privately-owned Vermont
utility, into a merger with Green Mountain Power and Gaz Metro
really in Vermont's best interest?
It's touted as beneficial to Vermont and the CVPS stockholders, but
who will ultimately profit? The actual ownership is nothing small
and local, but a serpentine mass of huge Canadian corporations,
starting with Gaz Metro, a Quebec corp, which owns GMP. GMi owns
70.99% of Gaz Metro, and Valener owns the remaining 29.9 %.
Noverco, Inc. owns GMi. Caisse de Depot et Placement owns 61.1% of
Noverco, while Enbridge owns the remaining 38%. (Enbridge had 80
liquid pipeline spills in 2010, including 1,000,000 gallons in
Confused? Justifiably so - it's extremely complex, convoluted, and
unpublicized by Mary Powell (GMP) and Lawrence Reilly (CVPS) both
new players in Vermont energy; Reilly is also Chairman of the Board
of Vt. Yankee, bringing nuclear power into the mix through Entergy,
in partnership with Koch Industries.
The plan also includes gas: Valener and Boralex own Vermont Gas
Systems. NNEEC ( Northern New England Energy Corp.) owns GMP, and
Portland Gas Systems. Gaz Metro owns all of them. One wonders how
long this plan has been in the works - put in place by the 1%,
while we, the 99% Vermonters, are the last to know, and stand to
lose the most.
This electric utility merger would be a major consolidation of the
Vermont energy infrastructure (gas and electricity), and all placed
into Canadian ownership. What if GMP, Gaz Metro, GMi, Valener,
Noverco and Trenco get gobbled up by yet another giant foreign
corporation, perhaps Chinese, so that the ownership and interest
would be even further removed?
We Vermonters will be subject to decisions made by Canadian
shareholders. Do we really want to lose control over our own power
and electricity? GMP needs CVPS, as CVPS has many more customers
and covers more areas across Vermont than GMP, but CVPS does not
need GMP. It has operated very successfully on its own for many
years, respected for its integrity and service.
Once CVPS is gone, it will be gone forever. It's not too
late, as the merger may be terminated if the acquisition not
consummated by July 11, 2012.
Read the 211 page document and decide if we want Vermont's
electricity in Canada's hands, or if we choose energy independence
and conservation. Speak out, and fight for energy independence for
Bethany Barry Menkart, Leicester resident